Tekedia Institute is honoured to welcome selected members of Federal University of Technology Owerri (FUTO) Alumni to Tekedia Mini-MBA, courtesy of a generous endowment by FUTO-trained industrialist and businessman, Engr Augustine Okoro, the Group Managing Director of Karidav Integrated Services West Africa, a leader in environmental engineering services.

I also welcome my classmate Engr Dr Prof Laz Uzoechi who leads our alumni association worldwide. As that was happening, I recognize his predecessor, Engr Ndubuisi Chijioke the CEO of Jimcol Resources Limited, a respected oil and gas servicing company in Nigeria,  who we are just completing a prior endowment he seeded in Tekedia Institute.

Gentlemen and Ladies, the greatest home is to be loved and admired at home. From our venerable mentor and senior, Chief Sir Ndukwe Osogho-Ajala, Founder/CEO of Soulmate Industries, Africa’s largest indigenous hair care company, to young startup founders of FUTO origin, Tekedia has been a home. I THANK YOU and appreciate it.

FUTOITES: Welcome to Tekedia Mini-MBA; let’s co-learn on the physics of business, and advance our world.

The operations manager of a bank in Abuja has been apprehended by the Economic Financial Crimes Commission (EFCC) for allegedly hoarding the new naira notes in the custody of the bank he manages.

The manager whose action has been termed as deliberately obstructing the law and causing economic sabotage was immediately whisked away by the EFCC officials for further investigation after the latter ensured the release of new naira notes to customers who had long been on queue for cash withdrawal.

The EFCC spokesman, Wilson Uwujaren, announced on Monday that the agency had sent its men across banks in Abuja and the manager of bank was arrested for refusing to allow loading of new notes into the bank’s ATM despite having N29million of the new notes in the bank.

Mr Uwujaren also noted that when the discovery was made, EFCC officials ensured that the money was circulated among customers who had spent hours in queues without getting the new notes, while the manager was arrested. According to the EFCC spokesperson:

“This discovery, which indicates a sabotage of the government’s monetary policy by some banks, was made by the EFCC in continuation of the ongoing surveillance and visit to banks across the country to access their vaults and verify whether they were deliberately refusing to dispense the redesigned Naira notes.

“More than five bank branches were covered today by the operatives in Abuja. Similar exercises were ongoing in Zonal Commands across the country. The operation will continue until normalcy is restored to the banking system.

“Nigerians finding it difficult to access their funds at any bank and suspects foul play should contact the commission, for immediate intervention”.

The Central Bank Governor, Godwin Emefielele, had earlier decried the actions of some economic saboteurs in the country who have been bent on frustrating the implementation of the naira redesign policy, hence, he noted that the apex bank had enlisted the services of anti-graft agencies to checkmate these saboteurs.

In a ruling made by an Abuja High Court on Monday, bank heads, chief executive officers, managing directors and/or alter egos are directed to forthwith show cause as to why they shall not be arrested and prosecuted for the economic and financial sabotage of the Federal Republic of Nigeria by their illegal act of hoarding, withholding, not paying or disbursing the new N200, N500 and N1000 bank note, being the legal tender of the federal republic of Nigeria to their respective customers, despite supplies of each such currency note by the CBN and Federal Government, thereby leading to the present scarcity of currency notes in circulation.